inTEST Reports 2019 First Quarter Financial Results

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended.  These statements do not convey historical information, but relate to predicted or potential future events and financial results, such as statements of our plans, strategies and intentions, or our future performance or goals, that are based upon management's current expectations.  Our forward-looking statements can often be identified by the use of forward-looking terminology such as “believes,” “expects,” “intends,” “may,” “will,” “should,” “plans,” “projects,” “forecasts,” “outlook,” or “anticipates” or similar terminology.  These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.  In addition to the factors mentioned in this press release, such risks and uncertainties include, but are not limited to, indications of a change in the market cycles in the semiconductor and ATE markets or other markets we serve; changes in business conditions and general economic conditions both domestically and globally; changes in the demand for semiconductors, generally; the success of our strategy to diversify our business by entering markets outside the semiconductor or ATE markets; the possibility of future acquisitions or dispositions and the successful integration of any acquired operations; the ability to borrow funds or raise capital to finance major potential acquisitions;  changes in the rates of, and timing of, capital expenditures by our customers; progress of product development programs; increases in raw material and fabrication costs associated with our products; and other risk factors set forth from time to time in our SEC filings, including, but not limited to, our periodic reports on Form 10-K and Form 10-Q.  Any forward-looking statement made by inTEST in this press release is based only on information currently available to inTEST and speaks to circumstances only as of the date on which it is made.  inTEST undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.

Contacts  
inTEST Corporation    Investors: 
Hugh T. Regan, Jr.      Laura Guerrant-Oiye, Principal
Treasurer and Chief Financial Officer  Guerrant Associates
Tel: 856-505-8999     Email Contact 
  Tel: (808) 960-2642


– tables follow –

 
SELECTED FINANCIAL DATA
(Unaudited)
(In thousands, except per share data)

Condensed Consolidated Statements of Operations Data:
 
  Three Months Ended
  3/31/2019   12/31/2018   3/31/2018
      
Net revenues$18,062 $18,435  $18,871
Gross margin 8,836  9,004   9,395
Operating expenses:     
  Selling expense 2,374  2,306   2,476
  Engineering and product development expense 1,284  1,175   1,296
  General and administrative expense 3,737  3,158   2,990
  Adjustment to contingent consideration liability -  2,828   1,726
Operating income (loss) 1,441  (463)  907
Other income (expense)  21  (34)  75
Earnings (loss) before income tax expense  1,462  (497)  982
Income tax expense  324  295   601
Net earnings (loss) 1,138  (792)  381
         
Net earnings (loss) per share – basic $  0.11   $  (0.08 )   $  0.04
Weighted average shares outstanding – basic   10,385     10,367       10,326
           
Net earnings (loss) per share – diluted $  0.11   $ (0.08 )   $  0.04
Weighted average shares outstanding – diluted   10,414     10,367       10,365

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